Tag Archives: Financial Conduct Authority

Are payday loans still a problem?

posted by in Living with debt Leave a comment

Back in 2013 the payday loan market was booming. Chirpy jingles and TV puppets were advertising quick cash solutions to get you through those last few days before payday.

Many people saw payday loans as a quick and easy way to get cash for unexpected expenses. The trouble was payday loans often caused more problems than they solved.

Continue reading »


‘Treating Customers Fairly’: what does it mean and how does it affect you?

posted by in Debt news Leave a comment

We hear the term ‘treating customers fairly’ quite a bit here at StepChange Debt Charity. It’s something we pride ourselves on, but the term as it’s been set out by the Financial Conduct Authority (FCA) may not always be easy to understand. 

That’s why our friend Rich Fenton from Doesn’t Grow On Trees is on hand to cut through the jargon and explain how ‘TCF’ really can be of benefit to you when dealing with creditors and other financial institutions. Take it away, Rich!

When we’re going about our daily business, I think it’s fair to say that as a customer we expect fair treatment to be a given, especially when it comes to banks or any company dealing with our precious money.

The Financial Conduct Authority (FCA) also believes that you should be treated fairly at all times, especially when dealing with any firm who is regulated and authorised by them. In fact any firm who is found not to be treating their customers fairly can find themselves in very hot water, and can be subject to eye-watering financial penalties.

That’s all well and good, but how does the FCA’s definition of ‘TCF’ actually benefit you? Is it just a nice ideal, or can it actually help you as a person when dealing with the banks and other financial organisations?

Continue reading »


Official warning: watch out for lousy Christmas loans!

posted by in Living with debt 3 Comments

The Financial Conduct Authority (FCA) issued a warning recently to anyone considering taking out a loan to cover costs this festive season. They have reason to believe that at least 15 firms are offering Christmas loans to UK customers without official permission or authorisation.

Almost all firms and individuals carrying out consumer credit activities in the UK must be authorised by the FCA. However, there are still some firms that act without their permission.  This leaves anyone who borrows from these firms vulnerable, as they won’t have the protection of a regulatory body to ensure they’re treated fairly.

While the sites listed by the FCA are simply not regulated, this also exposes a wider issue, that some loans could potentially be scams.

Continue reading »